Oil prices are said to be sliding towards $20 per barrel – it is both good news and bad: good for transport and oil importing countries; bad for oil exporting nations and their budgets.

Ocean carriers are being supported by bunker prices that have declined by around 75% in the past two years. Today Rotterdam-sourced IFO 380 was on offer at $125 per tonne, having falling by a further $10 on the previous day.

But it is not all good news for carriers which are seeing tradelanes decimated by massive downturns in demand from the oil producing nations.